Diapositiva 1 - BBVA · 1.871 2.023 2.810 2.202 1.233 Others 7.953 BCRA Bills & Notes (own...
Transcript of Diapositiva 1 - BBVA · 1.871 2.023 2.810 2.202 1.233 Others 7.953 BCRA Bills & Notes (own...
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Spain
Mexico
USA
South America
Eurasia
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7.7
9.510.9
2009 2010 2011 2012 2013
CPI Monthly CPI.Nu
3.7
1.8 1.4 1
Jan-14 Apr-14 Jul-14 Dic-14
0,05%
9,45%8,39%
0,80%
2,89%
0,10%1,00%
2009 2010 2011 2012 2013 2014 2015e
CPI-Nu: the new index launched in January 14’, with
national coverage (87% of the country, 13.000 sales
outlets), reflects a higher level of inflation.
2015e
23.02014
23.9
Source: BCRA, INDEC and own estimations.
2003 2005 2007 2009 2011 2013 2015e
Export prices maintain the surplus in the trade balance,
even though the deficit in the energy sector and tourism.
2003 2005 2007 2009 2011 2013 2015e 2003 2005 2007 2009 2011 2013 2015e
2003 2005 2007 2009 2011 2013 2015e
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Private Sector Deposits/GDP Private Sector Loans/GDP
Source: BCRA
.
Source: BCRA.
-10.000
30.000
70.000
110.000
150.000
190.000
230.000
270.000
310.000
Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14
Car loans Personal Credit Cards Mortgages
Figures in Million of Pesos
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Customer base expansion (adding S&Ms companies and individuals)
Banco Francés del Río de la Plata
Incorporationof investment banking, capital markets and international banking, while expanding its branch network throughout the country
becomes thecontrollingshareholder
Merger withBanco deCréditoArgentino
BBVA Francésacquired 23 floors of the building to be constructed by Consultatio, where the “Torre BBVA” will be established.
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Tierra del Fuego
Capital Federal
Retail 251 1,849,111 clients
Middle Market 31 19,258 companies
Corporate 7 business units 820 large corporations
VIP Segment 19 VIP spaces
Financial system as of October 2014Private MS as of December 2014
27,36
9,32
7,04
6,54
5,70
5,30
4,05
3,99
3,65
2,93
Nación
Provincia
Santander
Galicia
BBVA Francés
Macro
HSBC
Credicoop
Ciudad
Patagonia
6.5%7.0% Market sharePrivate Deposits Private Loans
19,47
8,58
8,19
7,59
6,27
6,19
4,46
4,00
3,42
3,18
Nación
Provincia
Santander
Galicia
BBVA Francés
Macro
Ciudad
HSBC
Patagonia
ICBC
75,93
24,07
000
9,84
14,23ADRs
(NYSE)
Domestic Stocks(BCBA)
Mkt Cap $ 28,562 MMUS$ 7,404 MM
P/E $ 35.1
BV/ Share $ 19.24
Mkt Data as of December 31, 2014
Floating
Av. Volume (3 mths) NYSE US$ 3.3 MMBCBA $ 3.5 MM
Fix SCR* Shares 1Negative
Negotiable Obligations Global Program (U$S 750 million) AA(arg)
Subordinated Senior Debt AA- (arg)Senior Debt Short Term A1+ (arg)Senior Debt Long Term AA (arg)
S&P Institutional Rating Long Term raB+Negative
Institutional Rating ShortTerm raB
Negotiable Obligations Global Program (U$S 750 million) raB+ Negative
*In November 2013, Fitch Argentina sold 70% of its capital stock to a local investor group and changed its name to Fix Scr. This new group will be responsible for the local credit rating.
Risks
Solvency
Digital transformation
Key long term strategic lever
P&L
Liquidity
P&L Risks
Liquidity Solvency
Digital transformation
2014
Key long term strategic lever
Organizational & Culture change 1
2
34
5
Products &
processes
Development of
infrastructure
Distribution model
New digital businesses
• Customer experience
• Optimizing servicing
• Digital channels
• Lean structure
• Cost control
AssetsLiabilities + Equity
8.802
41.388
8.630
12.560
10.331
12.469
51.443
Figures in million of pesos
Leverage 6.19xLoans/
Deposits 80.5%LiquidAssets/
Deposits41.2%
55%
28%
17%
28.432
36.42741.388
Dec.12 Dec.13 Dec.14
Figures in million of pesos
+14%
+31%
AverageLending Rate ($) 26.5%
4.537
6.305 5.811
Dec.12 Dec. 13 Dec.14
4.773
5.999 6.092
Dec.12 Dec.13 Dec.14
Market Share (%) 20.07 19.82 17.73
Market Share (%) 6.35 6.05 5.17
Figures in million of pesos
+ 26 % + 2 %
4Q13 vs 4Q12 4Q14 vs 4Q13
y/y
+ 39 % - 8 %
4Q13 vs 4Q12 4Q14 vs 4Q13
y/y
11,10%
11,36%
11,89%
Dec.12 Dec.13 Dec.14
72,9%
49,4%57,4%
Dec.12 Dec.13 Dec.14
9.78 9.51 10.07
Figures in million of pesos
18.48 17.37 15.84
8.2599.827
11.312
Dic. 12 Dic. 13 Dic.14
6.854
7.350 7.073
Dic. 12 Dic. 13 Dic.14
+19 +15%
4Q13 vs 4Q12 4Q14 vs 4Q13
y/y
+7% -4%
3Q13 vs 3Q12 3Q14 vs 3Q13
y/y
1.871 2.0232.810
2.2021.233
7.953 Others
BCRA Bills & Notes(own portfolio)
Public bonds
The bank complies with Rule 3991 from the Central Bank, which restricts public sector exposure to 35% of total assets as of July ‘07
Figures in million of pesos
(Oct-2014)
278,79% 254,16% 224,20%
0,65%
0,77%
0,99%
0%
0%
0%
1%
1%
1%
1%
Coverage NPL
2,24%
2,02%
1,71%
1,42%
0,81%
1,86%
Peer 4
Peer 3
Peer 2
Peer 1
BBVA (*)
Financial System
Figures in million of pesos
34.165
43.78451.443
Dec.12 Dec.13 Dec.14
68%
32%
Averagecost of funds ($) 8.8%
+17%+28%
6 08-11-13 18 months (2015) BADLAR + 3.25% $ 121.4 MM
7 08-11-13 36 months (2016) BADLAR + 4.24% $ 250.0 MM
8 02-11-14 18 months (2015) BADLAR + 3.80% $ 258.8 MM
9 02-11-14 36 months (2017) BADLAR + 4.70% $ 145.1 MM
10 07-18-14 18 months (2016) BADLAR + 2.50% $ 233.8 MM
11 07-18-14 36 months (2017) BADLAR + 3.75% $ 165.9 MM
12 11-13-14 18 months (2016) BADLAR +2.53% $ 138.3 MM
13 11-13-14 36 months (2017) BADLAR +3.75% $ 107.5 MM
14 02-13-15 9 months (2015) 25,75% $ 134.3 MM
15 02-13-15 21 months (2016) BADLAR + 4.00% $ 144.9 MM
Fix Rating
AA (Arg)
Figures in million of pesos
FY-14 FY-13 ∆ y/y
Net Financial Income 7.608.730 4.978.427 52,8%
Provision for Loan Losses (574.663) (453.264) 26,8%
Net Income from Services 3.349.448 2.498.521 34,1%
Administrative Expenses (5.594.157) (3.881.972) 44,1%
Operating Income 4.789.358 3.141.712 52,4%
Income tax (1.669.978) (1.120.418) 49,0%
Net Income 3.204.496 2.024.244 58,3%
968
1.662
1.976
Dec.12 Dec. 13 Dec.14
Figures in million of pesos
14,05% 13,65%
17,75%
Dec. 12 Dec. 13 Dec.14
+19%
+72%
- 40 pb +410 pb
4Q13 vs 4Q12 4Q14 vs 4Q13
y/y
517668
919
Dec. 12 Dec. 13 Dec.14
Figures in million of pesos
492565
813
Dec. 12 Dec. 13 Dec.14
370
428
666
Dec. 12 Dec. 13 Dec.14
grew 44%compared to 4Q-13, reflectingmainly the salary increase, thepayment of a fixed sum toemployees agreed with the unionand a higher number of employees.
grew due tohigher prices, devaluation andperimeter changes.
+ 29% + 38%
4Q13 vs 4Q12 4Q14 vs 4Q13
y/y
(1) Adm.Expenses / (Net financial income + Net income from services)Removing the non-recurring effects.
(2) Net fee Income as a % of Administrative Expenses
58,0%
42,6%
51,1%
Dec.12 Dec. 13 Dec.14
60,0%
67,20%
62,10%
Dec.12 Dec. 13 Dec.14
- 1,540 pb + 850 pb
4Q13 vs 4Q12 4Q14 vs 4Q13
y/y
+ 720 pb - 510 pb
4Q13 vs 4Q12 4Q14 vs 4Q13
y/y
28,0%
32,9%
36,6%
3,12%
4,00%
4,90%
* Accumulated ratios